Exhibit 12



Hawaiian Electric Industries Capital Trust I



COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SECURITIES DISTRIBUTIONS



|                                                                                   |  |                          |       |      |   |       |  |      |       |      |   |       |  |   |      
|---------------------------------------------------------------------------------- |  | ------------------------ | ----- | ---- | - | ----- |  | ---- | ----- | ---- | - | ----- |  | - | -----
|                                                                                   |  | Years ended December 31,
|(dollars in thousands)                                                             |  | 2003                     |       | 2002 |   | 2001  |  | 2000 |       | 1999
|                                                                                   |  |                          |       |      |  
|Earnings (1)                                                                       |  | $                        | 8,619 |      | $ | 8,619 |  | $    | 8,619 |      | $ | 8,619 |  | $ | 8,619
|                                                                                   |  |                          |       |      |   |       |  |      |       |      |   |       |  |   |      
|Fixed charges                                                                      |  | $                        |      |      | $ |      |  | $    |      |      | $ |      |  | $ |     
|                                                                                   |  |                          |       |      |  
|Preferred securities distributions                                                 |  |                          | 8,360 |      |   | 8,360 |  |      | 8,360 |      |   | 8,360 |  |   | 8,360
|                                                                                   |  |                          |       |      |   |       |  |      |       |      |   |       |  |   |      
|                                                                                   |  |                          |       |      |  
|Total combined fixed charges and preferred securities distributions                |  | $                        | 8,360 |      | $ | 8,360 |  | $    | 8,360 |      | $ | 8,360 |  | $ | 8,360
|                                                                                   |  |                          |       |      |   |       |  |      |       |      |   |       |  |   |      
|                                                                                   |  |                          |       |      |  
|Ratio of earnings to combined fixed charges and preferred securities distributions |  |                          | 1.03  |      |   | 1.03  |  |      | 1.03  |      |   | 1.03  |  |   | 1.03 
|                                                                                   |  |                          |       |      |   |       |  |      |       |      |   |       |  |   |      



|(1) | Net of minority interest in net income of subsidiary of $1,432,000, $1,441,000, $1,471,000, $1,487,000, and $1,466,000 for 2003, 2002, 2001, 2000 and 1999, respectively.
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